FTSE 100 live: London opens strongly after recovery
The daily London market update: Market moving news from the FTSE 100 and around the world from City A.M.
The latest updates on the FTSE 100 and London’s financial markets from City A.M.’s newsroom in the heart of the City of London.
Wall Street marked its first four-day losing streak since the start of the year.
Overnight, the Dow Jones Industrial Average fell by 0.12 per cent to 37,753.31, while the S&P 500 dropped 0.58 per cent to 5,022.21, marking its longest four-session downturn in over four months. Similarly, the Nasdaq Composite declined by 1.15 per cent to 15,683.37.
Despite this, in Asia, South Korea’s Kospi surged 1.6 per cent early on, led by Histeel’s 30 per cent rise after President Biden announced increased tariffs on Chinese steel.
The Korean won strengthened slightly to Won1377.10 per dollar, while Japan’s Topix index rose 0.4 per cent. However, Japan’s Nikkei N225 fell 0.4 per cent, facing its largest weekly loss since December 2022.
Gold prices increased by 0.54 per cent to $2,373.50 per ounce amidst Middle East conflict concerns.
Oil prices saw a modest increase as the US announced plans to reinstate oil sanctions on Venezuela. Brent futures rose to $87.58 per barrel, with US crude futures at $87.57 per barrel.
The Biden administration revoked a license providing exemptions from Venezuela oil sanctions, granting companies 45 days to wind down operations.
Prime Minister Benjamin Netanyahu emphasized Israel’s autonomy in defence strategies amidst calls from Western nations for restraint following a series of attacks from Iran. The US, EU, and G7 countries discussed tighter sanctions on Iran to mollify Israel while urging restraint.
Australia witnessed a decline in employment levels in March after a significant surge in the previous month. The Australian Bureau of Statistics reported a decrease of 6,600 jobs compared to February, with a slight uptick in the unemployment rate to 3.8 per cent.
Later today, central bankers from the US and Europe will deliver speeches. Investors await US jobless claims data and earnings reports from Blackstone and Netflix.
The economic calendar appears relatively sparse in the UK.
FTSE 100 was called to open around 38 points higher (+0.5%) than Wednesday’s close of 7,847.99, when it gained just 0.4%.
The index hit a four-week low on Tuesday after losing 1.8% of its value in a single trading session.
By half-past eight on Thursday morning, London’s premier bluchip index was up further to 7,897.63, +0.62%
Netflix’s first-quarter performance is under scrutiny in the fiercely competitive streaming industry. Observers anticipate sustained investor interest following a remarkable 258 per cent surge since May 2022, with expectations of around 5 million new subscribers in the first quarter.
